New Hampshire Takes a Legislative Step to Accept Cryptocurrencies as Payment for Taxes and Fees

The local governments of various states including New York, Delaware, Illinois, Arizona, Vermont, California, Ohio, Colorado, and Wyoming have already forged their own paths by passing the bills that support the advancements and legitimization of cryptocurrencies and blockchain in various domains of businesses, governance, and lifestyle.

Lawmakers in the state of New Hampshire have also decided to join the crypto bandwagon by introducing a plan/NH HOUSE BILL 470-FN that allows the state to accept cryptocurrencies as payment for taxes and fees; and government agencies to accept payment in cryptocurrencies after July 1, 2020.

The legislative committee of Executive Departments and Administration of the state of New Hampshire is considering bill NH BH 470-FN that requires the state treasurer to create a fully-fledged plan for the state to accept cryptocurrencies as payment for taxes and fees after July 1, 2020. The bill also requires the state treasure to submit the detailed plan to the governor, the Senate president, the house clerk, the speaker of the house of representatives, the senate clerk, and the state library by November 1, 2019. Moreover, the state treasure will also be responsible for finding a trustworthy third-party payment processor that can process the crypto transactions at minimal or no cost.

The bill states:

“The plan shall address any accounting, valuation, and management issues relative to the acceptance of cryptocurrency and shall identify an appropriate third-party payment processor that will process cryptocurrency transactions at no cost to the state. The State Treasurer is required to submit the plan to the Governor, House, and Senate by November 1, 2019.”

The bill is backed by Republicans Dennis Acton and Michael Yakubovich and is currently due to be examined by the subcommittee on January 29. The final decision will be announced on or after March 14th, 2019. After Wyoming’s introduction to the bill that helps virtual currencies to achieve the same legal status as fiat money earlier this month, New Hemisphere is on its way to becoming the first state to accept cryptocurrencies.